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Apr 1, 2017
04/17
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trade deficit. fyi, our largest merchandise trade deficit for 2016 were with china, japan, germany, mexico, ireland, vietnam, and italy. if you want to do anything about the trade deficit, cut back on your pasta intake. [laughter] our largest merchandise export markets for canada mexico china japan u.k. germany and korea. love the countries with whom we have the largest merchandise trade deficits are also countries that are our largest merchandise export markets. the current debate about trade deficits has been framed by the trump administration by their assertion that trade deficits are very important and damaging to the u.s. economy because they indicate jobs that have been lost by overseas countries, foreign countries, largely because of unfair trade practices. we want to look into this issue of the trade deficit and how it relates to trade policy, how it ultimately relates to other factors. as our speakers present their initial comments, i ask them to consider three questions. one, what are the
trade deficit. fyi, our largest merchandise trade deficit for 2016 were with china, japan, germany, mexico, ireland, vietnam, and italy. if you want to do anything about the trade deficit, cut back on your pasta intake. [laughter] our largest merchandise export markets for canada mexico china japan u.k. germany and korea. love the countries with whom we have the largest merchandise trade deficits are also countries that are our largest merchandise export markets. the current debate about trade...
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Sep 15, 2017
09/17
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trade deficit and the current account deficit. when i say trade deficit i mean the current account deficit. it is a convenience. the trade deficit, 4% of u.s. ap, and has caused us to lose million to 2 million jobs. it is a nontrivial number. it is a large number. i come from northern new england and when i drive through towns like claremont, i could cry to see the devastation in the east communities. that is my first idea. i will come back to that. the second idea, what has caused the trade deficit? we come to the savings and deficit in balance. i will introduce the distinction between crowding out and crowding in. if i listened to my colleagues panel, there is a shortage of u.s. savings maybe. maybe there is an excess supply of foreign savings and maybe it is coming into the u.s. and driving up the price of the u.s. dollar and having an impact on the savings rate. out-is the crowding crowding in distinction. involved idea, getting in policies and how it gets involved in the exchange rate system. we have an exchange-rate system s
trade deficit and the current account deficit. when i say trade deficit i mean the current account deficit. it is a convenience. the trade deficit, 4% of u.s. ap, and has caused us to lose million to 2 million jobs. it is a nontrivial number. it is a large number. i come from northern new england and when i drive through towns like claremont, i could cry to see the devastation in the east communities. that is my first idea. i will come back to that. the second idea, what has caused the trade...
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Jan 29, 2019
01/19
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right now we have no deficit and we have no recession. the deficits are very high. if we go through a business cycle and we are starting at this level, the business cycle would lead to very large deficits. much larger than we are seeing now. that's a concern in terms of risk going forward. that is a punchline that is important. >> the argument is more that -- interest rates may rise in the future but they stay relatively stable so why should we change policy based on that projection that is 30 years away. i would like you to address those arguments you brought up earlier. keith hall: one of the things you can do and one of the things that we have in our report is we have some what if's. what if interest rates were lower than we project, what if they are higher than we project. if you look at something like what the effect of lower interest rates, what kind of effect that would have, you still have significant deficits and debt going forward. it makes a difference and improves things. it doesn't improve all that much. that is one of the points i would like to make. i
right now we have no deficit and we have no recession. the deficits are very high. if we go through a business cycle and we are starting at this level, the business cycle would lead to very large deficits. much larger than we are seeing now. that's a concern in terms of risk going forward. that is a punchline that is important. >> the argument is more that -- interest rates may rise in the future but they stay relatively stable so why should we change policy based on that projection that...
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Mar 7, 2017
03/17
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when imports exceed exports, that is a trade deficits. -- deficit. if we are able to reduce our trade deficit. -- through tough smart negotiations, we should be able to increase our growth. i will give you an example. -- suppose the u.s. negotiates bilateral trade deals with germany and mexico this year. as a key part of the term sheet, each country agrees to purchase more products from the united states ban its now purchases from the rest of the world. this would show up in the government data as increased u.s. export, a decrease trade deficits, and an increase in u.s. gdp growth. the u.s. uses if its leverages company world's largest market, to persuade india to reduce its notoriously and japan to, lower its not carrier barriers, we will surely sell washington apples, florida oranges, california wine, and wisconsin cheese and harley-davidson motorcycles. just as surely, we will see our trade deficit fall, our growth increase, and real wage levels rise from seattle and orlando, to sonoma and blocky. --milwaukee. what about the investment term? here
when imports exceed exports, that is a trade deficits. -- deficit. if we are able to reduce our trade deficit. -- through tough smart negotiations, we should be able to increase our growth. i will give you an example. -- suppose the u.s. negotiates bilateral trade deals with germany and mexico this year. as a key part of the term sheet, each country agrees to purchase more products from the united states ban its now purchases from the rest of the world. this would show up in the government data...
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Mar 2, 2011
03/11
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you ran the deficit up, the annual deficit, now two in a row, trillion-dollar-plus deficits a year, record breaking, we've never had that before, you've ran the debt up to now we're bouncing against the ceiling and the congress will be called upon to increase the debt ceiling. there were no appropriations bills passed last year at all, thus that's why we're here today. so let's talk about the spending spree that we're trying to slow down and stop, madam speaker. with this bill. i yield back that time and yield two minutes, three minutes to the gentleman from georgia, a member of our committee, mr. graves. the speaker pro tempore: the gentleman from georgia is recognized for three minutes. mr. graves: thank you, madam speaker. and i appreciate the chairman for clarifying some things that we just heard because i was at a loss, thinking i was going to need much more than three minutes to, you know, rewrite some of what we just heard there and correct the historical account of the last several years. we heard the la. ing and wailing today from -- lamenting and wailing today of the other side o
you ran the deficit up, the annual deficit, now two in a row, trillion-dollar-plus deficits a year, record breaking, we've never had that before, you've ran the debt up to now we're bouncing against the ceiling and the congress will be called upon to increase the debt ceiling. there were no appropriations bills passed last year at all, thus that's why we're here today. so let's talk about the spending spree that we're trying to slow down and stop, madam speaker. with this bill. i yield back...
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Apr 10, 2018
04/18
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this is the deficit. periods where the deficit is getting high, it is altering business cycles and the recessions are you always have this big significant increase. we are well away from the last recession, and we are starting from a very high level. so anymore business cycle activity that comes up, starting from this high level, is likely to push the deficit to quite high levels than what we are forecasting right now. in case i haven't depressed you enough. examiner."gton can i ask about your forecast and on the one hand, if i understand correctly, it is a little bit higher than the fed's own projection? why would that be? beingu worried about high? also, is there anything that is on the horizon that would make those rises more quickly? changing the overall picture, tariffs have been in the news a lot. all, one of the reason that we have actually upped our forecast of interest rates pretty significantly since june of 2017 because we have just had a great deal of fiscal stimulus on an economy that is outo
this is the deficit. periods where the deficit is getting high, it is altering business cycles and the recessions are you always have this big significant increase. we are well away from the last recession, and we are starting from a very high level. so anymore business cycle activity that comes up, starting from this high level, is likely to push the deficit to quite high levels than what we are forecasting right now. in case i haven't depressed you enough. examiner."gton can i ask about...
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Apr 14, 2013
04/13
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our deficits are already falling. over the past two years, i've signed legislation that will reduce our deficits by more than $2.5 trillion, more than 2/3 of it through spending cuts, and the rest through asking the wealthiest americans to be paying their fair share. that doesn't mean we don't have more work to do, but here's how we finish the job. my budget will reduce our deficits by nearly another $2 trillion so that all told we will have surpassed the goal of $4 trillion in deficit reduction that independent economists believe we need to stabilize our finances, but it does so in balanced and responsible way, a way that most americans prefer. both parties, for example, agree that the rising costs of caring for an aging generation is the single biggest driver of our long-term deficits. and the truth is for those like me who deeply believe in our social insurance programs think it's one of the core things that our government needs to do if we want to keep medicare working as well as it has, and we want to preserve th
our deficits are already falling. over the past two years, i've signed legislation that will reduce our deficits by more than $2.5 trillion, more than 2/3 of it through spending cuts, and the rest through asking the wealthiest americans to be paying their fair share. that doesn't mean we don't have more work to do, but here's how we finish the job. my budget will reduce our deficits by nearly another $2 trillion so that all told we will have surpassed the goal of $4 trillion in deficit...
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Nov 8, 2017
11/17
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bush tax cuts with a deficit, a structural deficit. it hasn't been solved. now, i guess the deficit hawks, like the canadian geese have somehow migrated to the far south -- geese, have somehow migrated to the far south of washington, d.c. because i don't hear from them today. they've migrated somewhere far away from washington. but what i hear from those previous folks that called themselves deficit hawks is that they want to drive up the american deficit. that they have a proposal to actually increase the american deficit. oh, wonderful, they say. not to worry. we can increase the deficit by well over $1,5,000,000,000 in the next decade and it will be lovely. e'll create more jobs. excuse me. i must have missed something in this debate. you just said a year ago that those deficits would somehow trade a calamity for the american economy. that we would lose jobs. we'd lose our competitiveness. that we would come to ruin. and now you're telling me i $1500 -- orry about $1,500,000,000,000 increase over the next decade? how does that work? how does that happen?
bush tax cuts with a deficit, a structural deficit. it hasn't been solved. now, i guess the deficit hawks, like the canadian geese have somehow migrated to the far south -- geese, have somehow migrated to the far south of washington, d.c. because i don't hear from them today. they've migrated somewhere far away from washington. but what i hear from those previous folks that called themselves deficit hawks is that they want to drive up the american deficit. that they have a proposal to actually...
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Apr 12, 2018
04/18
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the mass i reagan-bush deficit. the last four, some would even say five, condition servetively speak, the last four clinton budgets were either in balance or in surplus. president clinton handed president george w. bush a projected $5.6 trillion 10-year budget surplus but republicans squandered that surplus with massive tax cuts for the wealthy and two unpaid for wars. their spending sprees exploded a vast new $5 trillion-plus debt that was an $11 trillion turnaround from the democratic path to surplus. under president obama, then, democrats restored responsibility spending rules. we had pay as you go. do you want to invest in something? you must cover it. you must offset it or pay for it that held true for investments as well as for tax cuts. republicans didn't mind paying for food stamps, but they did mind paying for tax cuts for the rich. that they wanted to have exempted. rom pay as you go. this republican congress, despite president obama's restoring responsible spending rules and slashing the bush deficit by h
the mass i reagan-bush deficit. the last four, some would even say five, condition servetively speak, the last four clinton budgets were either in balance or in surplus. president clinton handed president george w. bush a projected $5.6 trillion 10-year budget surplus but republicans squandered that surplus with massive tax cuts for the wealthy and two unpaid for wars. their spending sprees exploded a vast new $5 trillion-plus debt that was an $11 trillion turnaround from the democratic path to...
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Jan 4, 2018
01/18
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so, to trillion dollar deficit. that's where were headed. 2 trillion deficit. that's where were headed. -- we are headed. under something very close to current law, by the end of the month, we'll be headed to trillion dollar deficits next year and $2 trillion deficits within a decade. that's not something we've faced before. as i said, the highest was $1.4 trillion in the heat of the great recession and a lot of that was one-time payments weise we actually recouped. fannie mae, freddie mac, t.a.r.p., things like that. so what does this mean debt to gdp? well, i mentioned to you before that debt to gdp is already higher than any other time since world war ii, already about twice its historic average. and even prior to the tax cuts, debt to gdp was rising from 77% of gdp today to 91% after a decade. that might not sound like a lot to you, but it sure sounds like a lot to me. that's really what would be unprecedented to start with to , have a debt already so high and continue to rise. as a result of this tax cut bill alone, debt is likely to rise to 96% of gdp. if
so, to trillion dollar deficit. that's where were headed. 2 trillion deficit. that's where were headed. -- we are headed. under something very close to current law, by the end of the month, we'll be headed to trillion dollar deficits next year and $2 trillion deficits within a decade. that's not something we've faced before. as i said, the highest was $1.4 trillion in the heat of the great recession and a lot of that was one-time payments weise we actually recouped. fannie mae, freddie mac,...
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Apr 10, 2018
04/18
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this is the deficit. the time when the deficit is getting high, those times are all during business cycles at the end of recessions. yours have this week, significant increase. we're well away from the last recession and we are starting from a very high level. so any more business cycle activity that comes up is likely to push the deficit to quite high levels above what we are estimating right now. in case i had not depressed you enough. >> washington examiner. can i ask about your forecast. on the one hand, it is a little bit higher than the fed zone prediction -- then the fed's own prediction. i would that be? -- why would that be? i am worried about them having that sector. there anything on the it rising much more quickly. the prospect for foreign >> first of all, one of the reasons we have actually upped our forecast of interest rates pretty significantly since june of 2017 is because we have just had a great deal of fiscal stimulus on an economy that is nearly out of slack. although we will have a n
this is the deficit. the time when the deficit is getting high, those times are all during business cycles at the end of recessions. yours have this week, significant increase. we're well away from the last recession and we are starting from a very high level. so any more business cycle activity that comes up is likely to push the deficit to quite high levels above what we are estimating right now. in case i had not depressed you enough. >> washington examiner. can i ask about your...
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Aug 2, 2011
08/11
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during the reagan administration, deficits expled. and you had -- you can see on the graph, deficits that averaged about $200 billion a year. during the first bush administration, the deficits actually got worse and ended up still in the range of $200 billion a year. president clinton inherited deficits of $200 billion a year, but yo can see by the end -- the last four years of his administration he was in the black. the budgets were balanced and for, i think, two or three of those years he actually stoppe using social security money to fund government operations. so -- and then of course we see what happened in the second bush administration. deficits absolutely exploded. absolutely exploded. the second bush administration was, b far, the worst on record of deficits and debt of any of these administrations. but by ft was the clinton administration. we can look at it a different way. this chart shows in dollar terms what happened to the debt. you can see the reagan administration, the debt well more than doubled. the bush administrati
during the reagan administration, deficits expled. and you had -- you can see on the graph, deficits that averaged about $200 billion a year. during the first bush administration, the deficits actually got worse and ended up still in the range of $200 billion a year. president clinton inherited deficits of $200 billion a year, but yo can see by the end -- the last four years of his administration he was in the black. the budgets were balanced and for, i think, two or three of those years he...
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Aug 23, 2012
08/12
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. >> so it would be bigger than any intentional round of deficits since we started to reduce the deficit 30 years ago. >> i'm not sure what is intentional. the biggest one-year reduction as a share of gdp. >> in the alternative, can you give any indication of which ones have degraded or have the least impact of economic growth? >> we have not tried to break down the pieces of fiscal tightening. most of the narrowing of the deficit comes from increases in tax revenues. the much smaller share comes from reductions in spending. just by the amount of dollars being moved, the increases in taxes probably have a larger economic effect than the reductions in spending. the effects depend on the policies. we do these analyses, we have different things for different policies. i do not know dollar for dollar. the alternative fiscal scenario has deficits that are much larger. changes in tax policy and changes on the spending side. >> getting back to the take away for congress. would you say this raises the stakes for them to act? >> i think the stakes of fiscal policy are high right now. i didn't kno
. >> so it would be bigger than any intentional round of deficits since we started to reduce the deficit 30 years ago. >> i'm not sure what is intentional. the biggest one-year reduction as a share of gdp. >> in the alternative, can you give any indication of which ones have degraded or have the least impact of economic growth? >> we have not tried to break down the pieces of fiscal tightening. most of the narrowing of the deficit comes from increases in tax revenues....
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Jul 29, 2011
07/11
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deficit. after 204 ys as the majority, republicans have only given us a slash and burn politics that has created not one single job for hardworking middle class families. in fact, instead of creating jobs, their major pieces of legislation could potentially cost two million more americans to lose their jobs. and the worst thing about this whole chade is that every single person here in this room today knows that this bill that we're discussing today won't go anywhere. we face the very real possibility of an historic default in under a week and here we are spitting -- spinning our wheels. we all agree our nation must not default on its past obligations. the republican members here must abandoned their my way or the ghway approach and work across the aisle on a balanced, bipartisan agreement to reduce our deficit, create jobs and protect ouseniors and our middle clals. i say to my republican friends, america is not -- class. i say to my republican friends, america is not short on work ethic, we'
deficit. after 204 ys as the majority, republicans have only given us a slash and burn politics that has created not one single job for hardworking middle class families. in fact, instead of creating jobs, their major pieces of legislation could potentially cost two million more americans to lose their jobs. and the worst thing about this whole chade is that every single person here in this room today knows that this bill that we're discussing today won't go anywhere. we face the very real...
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Jul 22, 2009
07/09
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in our society, educational deficits, health care deficits, and more. this year, with only seven months so far to correct eight years of failure, as we clean up the mess that we were given, we reaffirm our commitment to pay as you go and we're already making it a reality in one of the most significant challenges of our time, the health care deficit. we correct it without adding to the fiscal deficit. we're paying for long-neglected health care reform by cutting costs in the system and taxing the few at the top who benefited the most from the bush era. fiscal response blet, fiscal security is national security. today's vote signals we are abandoning the republican fiscal model which is straight out of the magic kingdom. their rule like the first law of disney is that wishing will make it so. that may work in the law of fairy tales but it's been a budgeting disaster and economic nightmare we begin correcting today. i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from wisconsin. mr. ryan: at this time, i yield two minutes to
in our society, educational deficits, health care deficits, and more. this year, with only seven months so far to correct eight years of failure, as we clean up the mess that we were given, we reaffirm our commitment to pay as you go and we're already making it a reality in one of the most significant challenges of our time, the health care deficit. we correct it without adding to the fiscal deficit. we're paying for long-neglected health care reform by cutting costs in the system and taxing...
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Apr 11, 2018
04/18
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increased the deficit. is that correct? dr. hall: yes. senator corker: the only three people on this committee that haven't been involved in increasing the deficit over the last 15 months are senator harris, senator sanders, and senator merkley. oklahoma it's because they're fiscal conservatives. i think it's because they didn't atpwhree with the priorities in these bills. but they're the only three that haven't participated in increasing the deficit. we all have participated. i voted gepts the spending. some of you voted against the tax bill. but let's face it. i mean, both sides of the aisle. totally remiss as it relates to deficits. and i mean, i listen to this partisan bickering over blaming people, it's ridiculous. we are absolutely not capable of dealing with our country's finances and of course a big part of it is the american people don't really want it to be controlled. i want to get back with you on the numbers. i know my time sup. the thing that is confusing to me, i notice that, and i'll . ose w
increased the deficit. is that correct? dr. hall: yes. senator corker: the only three people on this committee that haven't been involved in increasing the deficit over the last 15 months are senator harris, senator sanders, and senator merkley. oklahoma it's because they're fiscal conservatives. i think it's because they didn't atpwhree with the priorities in these bills. but they're the only three that haven't participated in increasing the deficit. we all have participated. i voted gepts the...
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Feb 4, 2010
02/10
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these deficits are not first and foremost wartime deficits. we have amassed unfunded obligations to ensure future entitlement benefits that when added to liabilities total nearly $57 trillion. every man, woman and child owes $184,000. legitimate credit rating agencies have threatened in recent weeks to downgrade the united states from its current a.a.a. bond ratings. the latest warning came this week from moody's reacting to the president's budget. moody issued a report saying, quote, unless further measures are taken to reduce the budget deficit further or the economy rebounds more vigorously, the federal financial picture presented in president obama's february 1 budget will put pressure on a.a.a. government bond ratings. this comes on the heal of the news from spain, dubai and greece seeing their credit rating reduced. it will make it difficult to borrow money and lead to a situation where the dollar is no longer the primary international reserve curnssi. if that were to happen, prices including oil, would go up. the "washington post" featu
these deficits are not first and foremost wartime deficits. we have amassed unfunded obligations to ensure future entitlement benefits that when added to liabilities total nearly $57 trillion. every man, woman and child owes $184,000. legitimate credit rating agencies have threatened in recent weeks to downgrade the united states from its current a.a.a. bond ratings. the latest warning came this week from moody's reacting to the president's budget. moody issued a report saying, quote, unless...
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Feb 4, 2020
02/20
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if you look at our deficit or debt and the debt is basically accumulated deficit. they are projected to go up forever and the same trend with a long-term growth. more people moving into retirement, that is incredible costly and fewer people are contributed to the growth. at the same time with the aging leasing decline in economic growth and growing health care cost. moves on how to control welfare cost. controlling aging is more difficult because we've -- but i think we need to think about at productive aging. finding ways to have more finding ways to have more flexible working environment so we can keep people in the economy as long as possible. those projections of the fact that most of our deficit spending now is structural in nature. we have made big programs and we don't have the way to pay for them. and those will get worse every single year and we will borrow more and that means there's more interest and i will go democratic presidential candidate joe biden and his wife jill spent time with voters in nashua, new hampshire. here are his remarks. here are h. [
if you look at our deficit or debt and the debt is basically accumulated deficit. they are projected to go up forever and the same trend with a long-term growth. more people moving into retirement, that is incredible costly and fewer people are contributed to the growth. at the same time with the aging leasing decline in economic growth and growing health care cost. moves on how to control welfare cost. controlling aging is more difficult because we've -- but i think we need to think about at...
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Jan 6, 2011
01/11
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so tax cuts passed by the house can increase the deficit. also in the republican rule, increases to mandatory spending must be paid for by reducing spending somewhere else. therefore, if the house wanted to extend the child tax credit to minimum wage families, then the republican new rules would not allow this to be paid for by closing a corporate loophole. instead, they would have to be paid for by taking away from some other group of people. the speaker pro tempore: the gentleman's time has expired. mr. ellison: this is wrong and it speaks to the heart of what divides us. i'm glad we're doing this today. the speaker pro tempore: the gentleman from california. mr. dreier: madam speaker, i will continue to reserve the balance of my time. the speaker pro tempore: the gentleman from california reserves the balance of his time. the gentlewoman from new york. ms. slaughter: let me yield one minute to the gentleman from new jersey, mr. pallone. the speaker pro tempore: the gentleman from new jersey is recognized for one minute. mr. pallone: thank
so tax cuts passed by the house can increase the deficit. also in the republican rule, increases to mandatory spending must be paid for by reducing spending somewhere else. therefore, if the house wanted to extend the child tax credit to minimum wage families, then the republican new rules would not allow this to be paid for by closing a corporate loophole. instead, they would have to be paid for by taking away from some other group of people. the speaker pro tempore: the gentleman's time has...
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Apr 12, 2013
04/13
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the deficit from 2012 through 2023. in 2012, the deficit was seven percent. the budget phases in deficit reductions to support the ongoing recovery. by 2016, the deficit is below 3%. by 2023, it is below 2%. that is 1.7%. as a result of this deficit reduction, debt has a percent of our economy is also on a declining path. the declining deficit and debt, the president's budget achieves an important milestone of fiscal sustainability. the budget reduce that important fiscal milestone while also investing in the drivers of economic growth. in doing so, it demonstrates that we do not have to choose between deficit reduction and economic growth. it shows that we can and indeed we must do both. the country will not prosper if we have unsustainable deficits. it also will not prosper if our infrastructure is crumbling and our workers lack the skills to compete. to have paid for initiatives like prepaid for all, job training and accelerated infrastructure investments, this budget will enhance our nations competitiveness. to balance deficit reduction, this budget will
the deficit from 2012 through 2023. in 2012, the deficit was seven percent. the budget phases in deficit reductions to support the ongoing recovery. by 2016, the deficit is below 3%. by 2023, it is below 2%. that is 1.7%. as a result of this deficit reduction, debt has a percent of our economy is also on a declining path. the declining deficit and debt, the president's budget achieves an important milestone of fiscal sustainability. the budget reduce that important fiscal milestone while also...
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Feb 9, 2013
02/13
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based on current law which showed much smaller deficits. long-term rates are higher in than we had in this country and that also reflects the higher amount of debt, federal debt relative to g.d.p. than we have had over the past several decades. >> "washington post.? -- "washington post." thinking about how we should view the budget battles over the last two years. we are stabilizing debt at a much higher level. to what extent is that a result of decisions that were made by lawmakers and to what extent that is the underlying recovery in the economy? >> both factors and we have not tried to quantify them. one can look at our projections over the past several years and basically add up each successive revision, so every time we release new budget projections, we report the revisions and we divide them into the effects of economic forecasts and changes to other technical revisions. if one stacked all those up, one can get a sense about how much the debt has changed or the deficit has changed for any given year relative to any particular path pr
based on current law which showed much smaller deficits. long-term rates are higher in than we had in this country and that also reflects the higher amount of debt, federal debt relative to g.d.p. than we have had over the past several decades. >> "washington post.? -- "washington post." thinking about how we should view the budget battles over the last two years. we are stabilizing debt at a much higher level. to what extent is that a result of decisions that were made by...
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Dec 18, 2019
12/19
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we are still increasing debt and deficits. from my perspective, that is something that can be addressed. it requires leadership at both ends of pennsylvania avenue and also requires us to face up to the reality that we want a lot. we want infrastructure, health claire -- health care, better education. if we want those services, we have to pay for them. for a republican staffer to say this, i will be chastised but i think i think we have to pay for the services we are demanding from the federal government that means looking at taxes and balancing -- increasing taxes. unless you are willing to cut back on services, particularly pensions, social security and medicare. it is very difficult. host: nikki. spring hill, florida. caller: i agree with william. so many areas in the united states needs money. it is no wonder the deficit has gone up. i do not know if there is a cure for. i know that trump has ideas. he has plans. he can never put his plans into effect because the democrats triesim at every point he to make. he can't get an
we are still increasing debt and deficits. from my perspective, that is something that can be addressed. it requires leadership at both ends of pennsylvania avenue and also requires us to face up to the reality that we want a lot. we want infrastructure, health claire -- health care, better education. if we want those services, we have to pay for them. for a republican staffer to say this, i will be chastised but i think i think we have to pay for the services we are demanding from the federal...
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Jan 31, 2010
01/10
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you will notice the blue bar shows the deficit, a significant deficit was inherited, eliminated, and we went up to surplus. the projected 10-year surplus starting in 2001, 10-year surplus was about $5.5 trillion. could you -- what happened in 1991 to create that chart, the blue part of the chart? in 1993, i'm sorry. >> well, as you know, congressman, during the 1990's there were significant policy actions taken to narrow the deficit. there was also an economic recovery and boom that increased revenues and increased spending. >> did the votes in 1993 help create that chart? >> yes, they did, congressman. >> what happened had 2001? >> well, as you know, the economy was in recession and also there were legislative actions taken that widened the deficit. >> 2001? >> excuse me? >> when did the recession in 2001 start? >> well, i actually have that. it started in march of 2001 and ended in november of 2001. that is a calendar year basis. these are probably fiscal year. year. >> after the bush administration came in, then the recession started. the bush administration did not quote in here
you will notice the blue bar shows the deficit, a significant deficit was inherited, eliminated, and we went up to surplus. the projected 10-year surplus starting in 2001, 10-year surplus was about $5.5 trillion. could you -- what happened in 1991 to create that chart, the blue part of the chart? in 1993, i'm sorry. >> well, as you know, congressman, during the 1990's there were significant policy actions taken to narrow the deficit. there was also an economic recovery and boom that...
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Mar 20, 2015
03/15
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to make a deficit neutral result. senator sanders: i think the senator very much. >> all those in favor say aye. opposed. accepted. senator enzi: senator stabenow: would be next. she asked to change it. i have not been able to read it. wait. we are asking you wait. senator stabenow: i understand you asked me to wait to the end of the grouping. >> way to the end? senator enzi: hopefully we can have it reviewed by them. senator stabenow: we made a small change. senator enzi: ok. we will see if we can comply with that. the johnson on long-term spending. senator johnson: i'm hoping we have that bipartisan spirit, information is a good thing. we need to define it properly and admit we have it. my amendment is simple. the big screen, the definition is the theory of demographic problem. all these promises made, we don't have a way to pay for it. asking cdl when they report their fiscal scenario as senator kaine suggested, reports the dollar amount for the next 30 years. i am hoping we can voice vote this. >> if i could compl
to make a deficit neutral result. senator sanders: i think the senator very much. >> all those in favor say aye. opposed. accepted. senator enzi: senator stabenow: would be next. she asked to change it. i have not been able to read it. wait. we are asking you wait. senator stabenow: i understand you asked me to wait to the end of the grouping. >> way to the end? senator enzi: hopefully we can have it reviewed by them. senator stabenow: we made a small change. senator enzi: ok. we...
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Jul 30, 2013
07/13
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the deficit right now -- the deficit might be coming down too quickly. you need to make those decisions as quickly as possible. the continuing delay of, how are we going to do with the biggest problem, after cost, even with the good news, health care is growing faster -- how will we deal with the aging of the baby boomers? we have continued to punt on how to figure out those challenges. how will we update our tax code so we can raise the to finance our budget through a more clean tax code than the one we currently have? i think we need to get to work on those things as quickly as possible. i'm sure there is disagreement on the perfect budget solution from where iris -- from where i stand. we need to get working on these trends as quickly as possible. we do not need to have two sides fighting for years and years revenue want this package, the spending package, and move towards the compromise. that is how i see that. bighad said, it would be a deal if we came out and said, deficit reduction is not the number one priority right now. i remember after the eco
the deficit right now -- the deficit might be coming down too quickly. you need to make those decisions as quickly as possible. the continuing delay of, how are we going to do with the biggest problem, after cost, even with the good news, health care is growing faster -- how will we deal with the aging of the baby boomers? we have continued to punt on how to figure out those challenges. how will we update our tax code so we can raise the to finance our budget through a more clean tax code than...
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Mar 7, 2017
03/17
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do trade deficits matter? this is an important question because america's trade deficits in goods is large and inconsistent. in 2016.ion about $2 billion every single day. communist china counts for roughly half of that trade deficit. 47% to be exact. germany,t mexico and japan each run annual surpluses with america of over $60 billion. that counts cuba tivoli -- .umulatively as we use the yardstick of the percent of our volume of our two-way trade, ireland and 65%, 61%re at respectively. they actually outstrip china. thailand arealy, not far behind. other countries with which we deficits on the order of $15 billion annually include india, south korea, taiwan, france and switzerland. what all this as up to is a group of 16 countries that account for the lion's share of our deficit problem. if you see these bilateral trade deficits as a problem. before us. question do trade deficits matter? more specifically, to america's large, persistent trade deficits pose an economic and national security threat? to begin o
do trade deficits matter? this is an important question because america's trade deficits in goods is large and inconsistent. in 2016.ion about $2 billion every single day. communist china counts for roughly half of that trade deficit. 47% to be exact. germany,t mexico and japan each run annual surpluses with america of over $60 billion. that counts cuba tivoli -- .umulatively as we use the yardstick of the percent of our volume of our two-way trade, ireland and 65%, 61%re at respectively. they...
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Mar 19, 2015
03/15
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the law would increase the deficit. in fact, the most recent c.b.o. estimate shows that repealing the affordable care act would increase the deficit by $210 billion. you can't rig the rules on both sides. i mean, this particular budget, among other things -- of course keeps the revenue rates, the fees and taxes from the affordable care act while cutting health care for people and then to mask the fact that it would add to the deficit, there's a specific exclusion on page 69 of the chairman's mark that would exempt the affordable care act from being counted when it comes to increasing long-term deficits. that's not fair. i would argue that's really budget gimmickry. i think it's important if you are going to eliminate the affordable care act, you have to step up and assume the consequences of that. and one of those, according to the congressional budget office is the fact that our deficit will go up. so this amendment would strike that provision to maintain a point of order on any health care legislation that would add t
the law would increase the deficit. in fact, the most recent c.b.o. estimate shows that repealing the affordable care act would increase the deficit by $210 billion. you can't rig the rules on both sides. i mean, this particular budget, among other things -- of course keeps the revenue rates, the fees and taxes from the affordable care act while cutting health care for people and then to mask the fact that it would add to the deficit, there's a specific exclusion on page 69 of the chairman's...
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0.0
May 4, 2022
05/22
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the first year, 350 billion deficit. this year 1.5 trillion deficit down. >> the sanctions in europe, the european union announced oil sanctions against russia what is next for the u.s.? president biden: with regard to the additional sanction, we are always open to additional sanction and i have been in consultation and members of the g7 and what we will do and not do. number two, as i've said when i was getting on the plane to go down to alabama. this is about a lot more than abortion. i have not read the whole opinion at that time. this reminds me on the debate with robert bork. if you go back and look on his opening comments, i believe that i have the rights that i have not because the government gave them to me but because i am a child of god, i exist. i delegated by joining this union and the rights i have to the government by the social good. the idea that there is an inherent right that there is no right to privacy, we had a debate about griswold versus connecticut, there was a law that a married couple could not
the first year, 350 billion deficit. this year 1.5 trillion deficit down. >> the sanctions in europe, the european union announced oil sanctions against russia what is next for the u.s.? president biden: with regard to the additional sanction, we are always open to additional sanction and i have been in consultation and members of the g7 and what we will do and not do. number two, as i've said when i was getting on the plane to go down to alabama. this is about a lot more than abortion. i...
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Apr 3, 2010
04/10
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deficit projections, $132 billion will be added to the deficit this fiscal year. total by the end of the fiscal year will be $1.50 trillion or 10.3% of gdp. we will continue our discussion of that. if you want to get involved in our conversation, the numbers -- it and also send us a message via twitter or e-mail. our first call is from our line for democrats. caller: i think our problem, as a country, we have to recognize the fact that over the last 30 years or so, we would to a conservative economic philosophy. -- we went to conservative economic philosophy. it has been failing us. they say we should cut spending and not to anything about taxes. we have a business sector here who really has not been contributing their part to society for the past 30 years. i would like to see what their answers are to their to -- to my comments. host: if you are blaming future deficit on debt on the conservative economic philosophy, the increase in spending going forward is driven almost entirely by social security and medicare and medicaid. without those programs, the government
deficit projections, $132 billion will be added to the deficit this fiscal year. total by the end of the fiscal year will be $1.50 trillion or 10.3% of gdp. we will continue our discussion of that. if you want to get involved in our conversation, the numbers -- it and also send us a message via twitter or e-mail. our first call is from our line for democrats. caller: i think our problem, as a country, we have to recognize the fact that over the last 30 years or so, we would to a conservative...
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Feb 2, 2019
02/19
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our options to reduce the deficit. we really do have a number of options there. >> just like in college were have to buy the professor's book that is teaching the class? dr. hall: that's right. we are happy to follow up and talk about any of those things and how sclale. >> i want to warn you. my buddy found a bunch of those that he used bookstore and he bought them and sell them back to the university of tennessee at full cost. remember that. thank you, mr. chairman. >> i now recognize the gentlelady from california. five minutes. >> thank you, mr. chairman for this hearing. good to be back on the committee. thank you director hall for being here. let me ask a couple of questions. and following up really from mr. hearns line of question from a different perspective. first of all, we know that america is not only need jobs, but they need to be paid a living wage to lift themselvesand their families out of poverty. unfortunately wages have remained very stagnant with the federal minimum wage s still at $7.25 an hour. yet
our options to reduce the deficit. we really do have a number of options there. >> just like in college were have to buy the professor's book that is teaching the class? dr. hall: that's right. we are happy to follow up and talk about any of those things and how sclale. >> i want to warn you. my buddy found a bunch of those that he used bookstore and he bought them and sell them back to the university of tennessee at full cost. remember that. thank you, mr. chairman. >> i now...
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109
Aug 25, 2011
08/11
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if, for example, the deficit reduction committee put off the deficit reduction until later in the decade and rather than beginning in 2013 the way we assumed for this report, that would strike economic activity and unemployment in 2013. if the committee made particular changes to tax policy, we would try to model the economic effects. we have done analysis of the president's budget. we inc. the effects of changes in marginal tax rates on labor supply and saving. but the composition of the policy changes in the timing of the policy changes will leave some imprint on our economic projections. we have to have another set of changes in mind for us to do an economic analysis on those. >> do you believe the committee should go beyond its mandate to find a bigger package? >> it is not the role of the cbo to advise the congress on what policies they should undertake. the budget picture as we have shown in this report and a collection of reports is a bleak under current policies. if current policies are extended, then we have very large deficits and mounting federal debt. that is not news to anyo
if, for example, the deficit reduction committee put off the deficit reduction until later in the decade and rather than beginning in 2013 the way we assumed for this report, that would strike economic activity and unemployment in 2013. if the committee made particular changes to tax policy, we would try to model the economic effects. we have done analysis of the president's budget. we inc. the effects of changes in marginal tax rates on labor supply and saving. but the composition of the...
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Aug 5, 2010
08/10
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budget deficit. i think doug will argue that extending high income tax cuts will be critical for creating jobs and sustaining economic recovery. in my view, neither economic arguments bear that out. the council of economic advisers found that 1/3 of the money saved would create twice as many jobs it were invested in preventing layoffs from teachers, police officers, and firefighters. i am glad the senate finally mustered a 61 vote they put up on bob board today that is necessary to provide needed relief to states. one other factor weighs heavily on our side of the argument and it is called history. we provided you with a pamphlet that we produce here that goes through some of the numbers about what progress of economic policy produces. i will not go through that in the interest of time, but i would say that we have eight years of history of the progress of economics policy that produced strong job growth and wage growth and did so with tax rates we are talking about moving back to paris i would like
budget deficit. i think doug will argue that extending high income tax cuts will be critical for creating jobs and sustaining economic recovery. in my view, neither economic arguments bear that out. the council of economic advisers found that 1/3 of the money saved would create twice as many jobs it were invested in preventing layoffs from teachers, police officers, and firefighters. i am glad the senate finally mustered a 61 vote they put up on bob board today that is necessary to provide...
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65
Oct 31, 2013
10/13
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down, theloyment goes deficit goes down. when unemployment goes up, the deficit goes up. the reasons for this are clear. when you don't have a job, you don't pay taxes. when you don't have income, you're not paying payroll taxes and you are more likely to need government assistance. whammyyment is a double for the federal budget. to lower the deficit, we have to lower unemployment. advocates for deficit reduction want to cut benefits under medicare, medicaid, children's health insurance program, nutrition assistance, and other vital services -- they had nor the fact that when you cut shiftial benefits, you these necessities onto cedar citizens, parents -- senior citizens to my parents, and lower income people. the money shifts take from consumers that would otherwise be spent in other parts of the economy. cutting benefits cuts jobs. not the way to reduce the deficit. securing deficit reduction by cutting key investments in education, infrastructure, job training, and research and development would hinder economic growth in the short and long-term. economyto have a strong
down, theloyment goes deficit goes down. when unemployment goes up, the deficit goes up. the reasons for this are clear. when you don't have a job, you don't pay taxes. when you don't have income, you're not paying payroll taxes and you are more likely to need government assistance. whammyyment is a double for the federal budget. to lower the deficit, we have to lower unemployment. advocates for deficit reduction want to cut benefits under medicare, medicaid, children's health insurance...
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0.0
Dec 20, 2017
12/17
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deficit. you know, whatever happen, i say it over and over. the poor deficit hawk it's not an endangered species, extinct. because the republicans only seem to care about the deficit when it comes time to invest in people. not when it comes time to give giveaways to corporate america and the healthiest. -- wealthiest. that's ok. but the sad fact is, investing in people, the education of our children, nothing brings more to the treasury than investing in early childhood, k through education, postgrad, lifetime learning for our workers. nothing brings more money to the treasury. reduces the deficit. then investing in education. but that always has to be ffset where permanent tax cuts for corporate america to the tune of over $1 trillion which will add to more in terms of interest on the debt. that does not have to be offset or paid for. again, corporate america, you have a free ride. if it's investing in our children, you have to pay for it and look at chip being one example of that. so, as thei
deficit. you know, whatever happen, i say it over and over. the poor deficit hawk it's not an endangered species, extinct. because the republicans only seem to care about the deficit when it comes time to invest in people. not when it comes time to give giveaways to corporate america and the healthiest. -- wealthiest. that's ok. but the sad fact is, investing in people, the education of our children, nothing brings more to the treasury than investing in early childhood, k through education,...
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293
Jul 22, 2009
07/09
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upon deficit upon deficit, trillions of dollars of deficits. it's not exactly a plan, mr. speaker, i would take great pride in. i must observe the only thing that exceeds the federal deficit is the credibility deficit that democrats have on the issue of fiscal responsibility. the speaker pro tempore: the gentleman's time has expired. the gentleman from south carolina. mr. spratt: i yield two minutes to the the gentleman from north dakota, mr. pomeroy. the speaker pro tempore: the gentleman is recognized for two minutes. mr. pomeroy: i follow a member of the republican party who just said that the democrats have a credibility problem on budget. i would remind the gentleman that it was, indeed, under republican control of this chamber and the senate chamber and the executive branch that pay-as-you-go discipline on budget deficits was ended. why did they end? because they had no intention of living within their means. don't take my word for it. look at the record. national debt tripled, percentage of the national debt we had to borrow from other c
upon deficit upon deficit, trillions of dollars of deficits. it's not exactly a plan, mr. speaker, i would take great pride in. i must observe the only thing that exceeds the federal deficit is the credibility deficit that democrats have on the issue of fiscal responsibility. the speaker pro tempore: the gentleman's time has expired. the gentleman from south carolina. mr. spratt: i yield two minutes to the the gentleman from north dakota, mr. pomeroy. the speaker pro tempore: the gentleman is...
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127
Apr 22, 2010
04/10
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we never envisioned annual deficit -- deficits of a trillion dollars year after year when you referred to the crippling debts of just a few years ago. now we have had two consecutive budgets from this president that increased taxes, increase spending, and increase the debt. these policies will leave a mountain of debt to our children and grandchildren and have the potential to bankrupt our country. i hope the former federal reserve chairman volcker, a key adviser on fiscal policy gave us an honest assessment of how this administration and the congressional democratic leadership want to tackle fiscal problems facing the nation. to make up for the largest levels of spending in the deficits in modern history, the administration is laying the foundation for a large misguided the new tax for the first time, an american value added tax. they have said much of the same thing. if the president wants to add a completely new layers of taxation, then he should take this issue for the american people when he runs for reelection. the administration in the democratic leadership are asking the americ
we never envisioned annual deficit -- deficits of a trillion dollars year after year when you referred to the crippling debts of just a few years ago. now we have had two consecutive budgets from this president that increased taxes, increase spending, and increase the debt. these policies will leave a mountain of debt to our children and grandchildren and have the potential to bankrupt our country. i hope the former federal reserve chairman volcker, a key adviser on fiscal policy gave us an...
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30
Nov 3, 2019
11/19
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yes we have at the same time growing deficits. we have not use this moment to try to get federal spending under control or to get reform of our entitlement system that could allow us to have better control over the growth of deficit and debt in the future. that means we are not prepared for a downturn, for the numbers he is describing to look worse, which they are going to. this would be a time to take some responsible action, to gradually reform our entitlement system and think about the relationship between federal spending and revenue in the future. two thirds of the budget -- medicare, medicaid, social security. guest: within those, there has been a change over the years. if you looked at the federal budget in the 1960's and 1970's, defense was a greater portion of the budget that it was now. we have seen a growth of the entitlement programs, especially social security and medicare, driven by demographic change and changes to the programs. the federal government now is something like a provider of benefits to the elderly that
yes we have at the same time growing deficits. we have not use this moment to try to get federal spending under control or to get reform of our entitlement system that could allow us to have better control over the growth of deficit and debt in the future. that means we are not prepared for a downturn, for the numbers he is describing to look worse, which they are going to. this would be a time to take some responsible action, to gradually reform our entitlement system and think about the...
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149
Jan 6, 2011
01/11
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so tax cuts passed by the house can increase the deficit. also in the republican rule, increases to mandatory spending must be paid for by reducing spending somewhere else. therefore, if the house wanted to extenthe child tax credit to minimum wage families, then the republican new rules would not allow this to be paid for by closing a corporate loophole. instead, they would have to be paid for by taking away from some other group of people. the speaker pro tempore: the gentleman's time has expired. mr. ellison: this is wrong and it speaks to the heart owhat divides us. i'm glad we're doing this today. the eaker pro tempore: the gentleman from california. mr. dreier: madam speaker, i will continue to reserve the balance of my time. the speaker pro tempore: the gentleman from california reserves the balance of his time. the gentlewoman from new york. ms. slaughter: let me yield one minute to the gentleman from new jersey, mr. pallone. the speaker pro tempore: the gentleman from new jersey is recognized for one minute. mr. pallone: thank you,
so tax cuts passed by the house can increase the deficit. also in the republican rule, increases to mandatory spending must be paid for by reducing spending somewhere else. therefore, if the house wanted to extenthe child tax credit to minimum wage families, then the republican new rules would not allow this to be paid for by closing a corporate loophole. instead, they would have to be paid for by taking away from some other group of people. the speaker pro tempore: the gentleman's time has...
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Apr 16, 2018
04/18
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and the budget deficit would surpass $1 trillion by 2020. the senate budget hearing is just over an hour and a half. >>> good morning and welcome to the hearing on the cbo budget and outloo outlook for 2018 thrh 2028. dr. hall thank you you know, ths delayed from its normal release in january due to the congressionacongressional active end of last year. i appreciate the cbo dedication to integrating into the final product analysis of last december's tax cut jobs act as well as the 2018 bipartisan budget act and omnibus appropriations bill. it's vital that this committee has the most up-to-date information to understand the fiscal impact of the policies being implemented. this year's report like so many before it shines a spotlight on the countries on sustainable fiscal outlook, automatic spending programs like social security and medicare. and outpacing the economy, consider this. automatic spending will soon consume all the taxes and revenues the federal government collects, and that is before 1 dollar goes to providing for the national def
and the budget deficit would surpass $1 trillion by 2020. the senate budget hearing is just over an hour and a half. >>> good morning and welcome to the hearing on the cbo budget and outloo outlook for 2018 thrh 2028. dr. hall thank you you know, ths delayed from its normal release in january due to the congressionacongressional active end of last year. i appreciate the cbo dedication to integrating into the final product analysis of last december's tax cut jobs act as well as the 2018...
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12
Mar 15, 2023
03/23
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eye 12
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had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. yog: easily, we talk about 10 budget winws. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, year-to-year. most people looking at it look at your on your. 1.3 trillion to 1.6 trillion to 1.8? you are actually increasing the deficit by $300 billion in 2024. you are increasing the deficit. by the way, that's massive deficit. what do you think is sparking inflation? causing the fed to cause a run on the banks? at what point do you acknowledge the harm that this massive spending deficit is causing the economy? it's not recognized in your 2024 budget. dir. young: i hope we all realize that inflation is a global phenomenon. the u.k. doesn't have the same laws as the united states and ha
had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. yog: easily, we talk about 10 budget winws. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, year-to-year. most people looking at it look at your on your. 1.3...
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56
Nov 2, 2013
11/13
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we have had deficits at a trillion and a half dollars and continued with deficits of $100 billion. unique in the history of the world. this in spite of the fact that the government took in more revenue last year than ever before. there is also more to this than numbers on a page. today, more than 16 million americans, including 20% of all children, live in poverty. nearly 50 million of our americans live on $23,000 a year or less. to make mearts worse, life has become too painful and expensive for almost everyone. unprecedented labor force dropouts, ever increase -- increasing health care costs all result until many americans struggling just to get by. washington spends more and more and more and yet our problems get worse and worse and worse. taking more out of the pockets of hard working americans will not help. it is a recipe for economic pain. how do we begin to make government more effective and accountable? there is no question we must protect the vital services the government provides. we want to save and secure critical programs for our seniors like medicare, social securit
we have had deficits at a trillion and a half dollars and continued with deficits of $100 billion. unique in the history of the world. this in spite of the fact that the government took in more revenue last year than ever before. there is also more to this than numbers on a page. today, more than 16 million americans, including 20% of all children, live in poverty. nearly 50 million of our americans live on $23,000 a year or less. to make mearts worse, life has become too painful and expensive...
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0.0
Jun 1, 2022
06/22
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deficit? director swagel: the cdr analysis from april 2018 goes into the impacts of the 2017 tax act and we have increasing deficit. >> the good news is in a 2022, he spent a trillion dollar deficit down from 2.8 million in 2021. director swagel: that is correct. >> spite of the issue of inflation, which we are concerned about. i working families, we are not ignoring it. he economy is moving along? -- the economy is moving along? director swagel: job creation is very strong with the marketeer. -- markets here. >> let me as an employment question and that is, we have jobs. let me mix this with, have you given an assessment. i would like an assessment of the immigration program, meaning legislation of congress that -- for ben carson, etc.. have you had that analysis -- on the comfort -- comprehensive immigration client -- plan of the inclusion of dollars to the economy and what impact unemployment negatively? >> the cdo did a fiscal analysis for the immigration division in the build back better
deficit? director swagel: the cdr analysis from april 2018 goes into the impacts of the 2017 tax act and we have increasing deficit. >> the good news is in a 2022, he spent a trillion dollar deficit down from 2.8 million in 2021. director swagel: that is correct. >> spite of the issue of inflation, which we are concerned about. i working families, we are not ignoring it. he economy is moving along? -- the economy is moving along? director swagel: job creation is very strong with the...
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148
Apr 21, 2013
04/13
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eye 148
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is --ever, the economy due to deficit and debt. the federal deficit is at more than $1 trillion. the national debt is that more and $16 trillion. the senior director of the bipartisan policy desk says that the debt has been acutely living so much that the economy is on hiring. >> our debt is the percentage of gdp. in the last 30 or 40 years has in less than 40%. it is only in recent years that we have seen a client. the fact is, we are in dangerous territory. that thesullivan says policymakers are arguing and debating but missing the main shellshocked u.s. economy. >> joshua gordon says that the deficit is continuing to expand because of job loss, creating less revenue and more spending on aid programs. >> you have a large deficit for four years because you have low revenues and people don't have paid or they're getting less. but also we have this mandatory spending program, which grow on autopilot. food stamps programs, medicaid, based on a limited economy is bad. >> the entire financial crisis is unclear. >> i think that the underlying issues of the financial crisis have not be
is --ever, the economy due to deficit and debt. the federal deficit is at more than $1 trillion. the national debt is that more and $16 trillion. the senior director of the bipartisan policy desk says that the debt has been acutely living so much that the economy is on hiring. >> our debt is the percentage of gdp. in the last 30 or 40 years has in less than 40%. it is only in recent years that we have seen a client. the fact is, we are in dangerous territory. that thesullivan says...
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Dec 6, 2022
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guest: they are closely related but it is the budget deficit that is driving the trade deficit. when we borrow $1 trillion from the economy, we take more of it from abroad. 40% of it is directly coming from abroad but the rest is indirectly coming from abroad how it changes the economy. if we want to be less supported on other countries, we need to lower the deficit. host: marc goldwein coming up tonight on c-span, supreme court justices hearing oral arguments in a case involving free speeds and lgbtq rights. followed by a discussion hosted by the heritage foundation on the oral argument in public accommodation laws. congressional representatives participating in a conversation on policy in the middle east and later a hearing on proposed rule changes for the upcoming 118th congress. congress gets back to work in the wake of the midterm election watch in the next weeks as the incoming 118th congress selects its leaders, makes key committee assignments, greets its new members and sets an agenda for january 2023. meanwhile the outgoing 117 congress uses its final weeks to tackle un
guest: they are closely related but it is the budget deficit that is driving the trade deficit. when we borrow $1 trillion from the economy, we take more of it from abroad. 40% of it is directly coming from abroad but the rest is indirectly coming from abroad how it changes the economy. if we want to be less supported on other countries, we need to lower the deficit. host: marc goldwein coming up tonight on c-span, supreme court justices hearing oral arguments in a case involving free speeds...